F|T: The FinTech Times – A new unicorn is born

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“Big banks have two problems. First, they’re having to pay customers more as they catch on to the rising rates. Second, they’re battling digital banks that are able to offer competitive interest rates due to their low overhead. How can a big bank compete and profit in this environment?”

The Series D round was led by Tiger Global Management, pushing the company’s valuation to $1 billion. Redpoint Ventures, Ribbit Capital and Scale Venture Partners all participated as follow-on investors in the round.

“Our investment and partnership with Modo will help us to provide our corporate and institutional clients with new digital payment functionalities and accordingly more flexibility in facilitating these transactions,” said John Gibbons, Deutsche’s head of global transaction banking.

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Amira Zubairi is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.